Sale Price: $8,400,000.00
CBA #: 39406270
NWMLS #: 2185304
Investor Alert! Iowa Business Center in Bellingham is a well-maintained office/retail location with 3 buildings situated on 3.22 acres with ample parking, excellent visibility, easy access to I-5, & downtown Bellingham. This 18-unit center has a very high historical occupancy with many long-term tenants. Base rents range from $12.95 to $18.13 PSF plus NNN leaving room for resetting rents upon tenant turnover. The property has been professionally managed and maintained by PCR for the last 18 years and is good condition for the next investor to stay the course or create a new vision for the Center.
We have been marketing our property at 1700 Iowa Street for sell for a few months. The ownership is a group of investors and as part of the operating agreement it takes 50% approval to sale at the time we are up for refinance (70% approval any other time). 2024 is the year of the refinance and we have more than 50% approval to sell from the investors. It seems that several possible purchasers are waiting for us to lower the price. The published price is not going to be lowered but that should not stop you from making an offer that makes sense to you for this investment. We will take all offers seriously. Once we refinance, the approval to sell will require a 70% vote of the owners.
If you have any interest in owning this property please make your offer prior to May 24, 2024. We will be withdrawing it from the sales market at that time and pursuing our refinance. History has shown that once we refinance, we will not get the 70% approval to sale, so your opportunity to purchase this investment is now, not later (later will be in 10 years).
